(Ecofin Agency) - • Thor Explorations generated $64 million from Segilola mine in Q1 2025.
• Gold sales rose 30%, with average price per ounce up 34% year-on-year.
• Net profit reached a record $34.4 million for the quarter.

Thor Explorations, operator of Nigeria’s only industrial gold mine, nearly doubled its quarterly revenue in Q1 2025. The company sold 22,750 ounces of gold from the Segilola mine, earning $64 million, up from $33.3 million and 17,420 ounces in Q1 2024.

The sharp increase stems from a 30% rise in sales volume and higher gold prices. In 2024, gold prices rose 30%, continuing their upward trend into 2025, reaching peaks of $3,500 per ounce. Thor secured an average price of $2,720 per ounce in Q1 2025, a 34% year-on-year increase.

“We are pleased with the company's performance during the first quarter of 2025, with strong quarterly revenue where we generated a record net income for a quarter of $34.4m,” said Thor CEO Segun Lawson. He attributed the performance to disciplined cost control and strong market conditions.

Thor Explorations maintains its full-year production target of 85,000 to 95,000 ounces of gold in 2025.